Pattern Trading - Symmetrical Triangle

Realtime Examples - Day 2

Session Start: Thu Oct 16 09:39:42 2003
[09:40] good morning
[09:41] NDX 1,044 .. am showing this as a retrace to broken 8-day channel
[09:41] should show resistance in this area
[09:43] tick +803 .. hod
[09:44] ES 1,045.25 .. am setup .. ES_intraday__1016_am.gif

[09:46] still in motion as we are testing yesterday's last hour range .. desending channel, upper bounds is predominant pattern to deal with in AM action
[09:48] on smaller scale .. hard impulses tend to create triangle consolidations before trend resumes .. using yesterday's last hour range as height, expecting a constriction of range into noon
[09:48] [Nasdaqi] whene should i buy and sell could u tell me plz[s`]???
[09:49] tick -211 .. lod .. probing lower range
[09:50] on 'b' watch here
[09:51] you sell.. because you have met an objective target and are not giddy with joy
[09:52] ES .. first impulse was 4pts .. sound familiar?
[09:53] eye is on 1,042.5 into pullback
[09:53] 78% retrace level here .. could bounce
[09:54] 1,042.5 is key in next 5min bar
[09:58] ES 1,043.5 .. 9-day trendline violation is the thick red pivot area for next hour .. ES_intraday__1016_tri.gif

[10:00] ES 1,042.5 .. key
[10:03] 'b' in place
[10:05] top of descending channel comes onto radar around 1,045 along with 5min/40ema
[10:06] keep 4pt measure on radar
[10:07] ES 1,046.25 .. hod retest .. 'c' .. tada
[10:07] tick +1,081 .. hod
[10:08] ES 1,046.75 .. hmm.. add on 4pts .. you get hmmm, how nice
[10:09] looking inflection high here .. a-b-c in place .. larger triangle could show
[10:10] ES 1,046 .. grind time .. an update .. ES_intraday__1016_abc.gif

[10:12] 'a' == 'c' .. in time and price
[10:15] bulls should be embolden by channel breakout .. am considering the 1,046.75 - 1,047 level (also 2x bottom trigger) to be key in next 10mins
[10:21] ES 1,046.25 .. triangle is now confirmed (4 inflections in place) .. measures +/- 5.5pts .. tick is giving a 10min head's up signal
[10:22] allowing for for possibility of a last 10min pullback - 15min impulse .. tricky juncture here .. 10-10:15 window open
[10:26] last key time pivot is 10:50
[10:28] ES, NQ .. attempting to use hourly /20ema as support here
[10:29] tick +862 .. a time to start on divergence watch, but allow for 3rd push higher to unfold
[10:43] ES 1,044.5 .. am update .. ES_intraday__1016_am2.gif

[10:45] [tradinoncofe] voodoo...i have read that triangles usually resovle in the direction of market, but this isn't really forming off of an impulse move
[10:46] all depends on your time horizon and risk profile
[10:47] if daytrading ES .. you take those things into consideration .. but it doesn't dictate your trades .. the rule of 6-8 bars is probably best at 5min timeframe
[10:48] [always-happy] voodoo, where I can get those rule 6-8 bars
[10:48] you learn to count to 8
[10:49] "defy human nature" .. put your mind to work
[10:52] tick -398 .. lod .. 10:50 time pivot
[10:52] eye goes to 1,043 - 1,042.5 as lower bounds of triangle consolidation
[10:53] think "4pts"
[11:00] could see 1,046.25 as a natural shoulder level
[11:06] for all the folks that say head&shoulders are rare and you can't trade 'em .. 2nd day in a row that this rounding action is showing on intraday basis (need confirm) .. ES_intraday__1016_hs.gif

[11:07] 11:50 time pivot produces the motherlode impulse .. til then, chop suey
[11:08] nah .. more like beni hana
[11:08] play with knifes
[11:48] ES 1,044.5 .. still grinding .. key time pivot on the menu
[11:53] Raschke .. also picking up on triangle consolidation .. SP_intraday__1016_lbr.gif

[11:56] if looking for some type of elliott count .. we are in middle of a 3-3-5 consolidation
[11:59] ES 1,046 .. breakout attempt of triangle consolidation, upper bound test
[12:00] tick +861 lifting
[12:00] bearish h&s just got broken
[12:01] tick +1,124 .. hod retest
[12:01] think "4pts"
[12:02] ES 1,047 .. pm setup .. ES_intraday__1016_pm.gif

[12:03] for e-wavers .. that was 2nd '3' count
[12:05] ES 1,046.. a retest of breakout point
[12:06] feels like a greedspan day
[12:07] tick -135
[12:07] gave another 10min lead-in head's up signal .. a divergence
[12:08] can now see the 3*push series on intraday basis very clearly
[12:08] overlapping wave structure suggest a wolfe is ready to play
[12:09] can also use the llower bounds of triangle as the "parallel projection" channel bounds
[12:14] ES 1,046 .. still playing with crayons .. ES_intraday__1016_pmch.gif

[12:16] catch y'all later .. give games until 1:15pm, eye on upper channel bounds if 1,046 proves as support (typical pattern pullback to breakout)
[12:31] ES 1,048.5 .. time for 12:30-1:30 games
[12:31] retest of spike high here
[12:38] ES 1,050.25 .. full triangle measures being tagged .. +5.5pts
[12:38] think "4pts" off 1,046 retrace
[12:39] the motherlode was right on time .. ES_intraday__1016_pmhi.gif

[13:04] ES 1,051.5 .. 2x bottom, triangle full measure is to 1,052.25
[13:04] don't have any more targets after that .. wild stuff
[13:04] [tradinoncofe] blue skies, hey voodoo?
[13:05] I have no more numbers to crunch .. can't find any more patterns that would make sense .. ES_intraday__1016_meas.gif

[13:05] all intraday patterns are now played out
[13:08] dunno .. index options get settled tonite
[13:08] seems there are some imbalances to work off as soon as next week begins
[13:37] ES 1,049 .. testing 5min/20ema .. another lower support kicks in around 1,047
[13:38] 1,048.5 .. was yesterday's horizontal consolidation channel, upper bound .. just another number that folks will be grasping for
[13:40] 1:30 .. will watch for signs that counter-trend move has been made
[14:26] ES .. watch this bear flag on 5min
[14:26] another "4pt game"
[14:27] key for PM trend movement will be 1,048.5
[14:30] ES 1,047.75 .. broke 5min/40ema
[14:30] target area at 1,046 .. think "4pts"
[14:31] tick -472
[14:38] ES 1,046... "4pts" .. bingo
[14:38] tick -427 .. lod
[14:38] -527 .. whoops
[14:39] ES 1,046 .. pm update .. ES_intraday__1016_pm2.gif

[14:40] tick .. putting on the blinker signal
[14:41] fwiw .. that was 4th knock on rising trendline, intraday basis
[14:41] next stop is 1,044
[14:42] starting to get minor overlapping wave structures into slam
[14:43] given earlier ramp to 2x bottom measurement .. 2x top measures to 1,044.25
[14:44] jacknife games, now
[14:45] 1,044.25 - 1,046 are bounds for next 55min interval
[14:46] tick momentum .. in the turn lane, now .. 10min head's up signal triggered
[14:50] have mentioned it many times .. [13:00] noting head's up signal on 5/35 tick momentum .. a 10min lead
[14:52] tick tends to give you a 10min lead-in to turns .. based on an extremely filtered 5/35 macd signal .. a way to gauge momentum extremes, and then look for confirm in price action of futures to "confirm"
[14:53] kinda based on an extrapolation of Raschke's rule of "momentum proceeds price action"
[14:54] if daytrading ES on intraday swings .. only price action and tick readings matter .. tick is considered the "momo"
[14:55] [chinawhite] voo do u use RSI, CCI at all?
[14:55] no .. 5/35/10 macd .. on everything .. only indiciator I trust
[14:56] that setting is based on work of the AdvancedGET folks
[14:57] divergence watch here
[14:58] ES 1,045.5 .. setup for close .. ES_intraday__1016_close.gif

[14:59] tick +447 rebound
[15:00] no .. price vs. momentum divergence
[15:01] this is where wolfewave player 'pay attention'
[15:03] bulls start squinting for first higher-low on 5min
[15:04] ES 1,044.5 .. 3rd push lower unfolding
[15:06] ES 1,043.5 .. where a certain fuzzy creature starts howling .. divergence watch
[15:07] parttern-wise .. the rising channel break is only other measure available from ehre down to 1,043 .. nothing else on radar
[15:08] feels like 1pm tag highs
[15:08] in reverse
[15:11] ES 1,044.5 .. small wolfewave setup on 3*push series completion, 10min intervals .. ES_intraday__1016_ww.gif

[15:16] ES 1,047.25 .. ah-wooo .. think "4pts"
[15:17] tick +835 .. tagging wolfewave targets .. 10min, 4pt move
[15:19] natural shoulder could come into play at 1,047.5
[15:20] 3:25pm .. next key tick timing interval about to kick some bootie
[15:23] tick .. dang .. driver must be lost .. putting on turn signal again..
[15:24] am watching ES 1,047.5 - 1,048.25 into lift
[15:27] ES 1,047.25 .. final update .. nuther fun day at the rollercoaster ride .. ES_intraday__1016.gif

[15:31] ES 1,048.5 .. key test for close .. test of 12am spike high
[15:34] dunno... perhaps one of the most powerful pattern is the -false- breakout
[15:35] knowing where folks are gonna get spastic is a great advantage .. day pivots - trendlines - support breakouts/breakdowns
[15:35] a false move .. is far more powerful than a breakout
[15:36] tick .. is back in the turn lane
[15:36] count the bars
[15:37] #6 here in trend .. max 10mins left in lift
[15:38] tick -18
[15:39] [tradinoncofe] 5min bars?
[15:39] no .. ice cream bars
[15:41] where wolfes start noting the overlapping wave structure
[15:43] should be another push higher to show
[15:45] ES 1,049 .. ww reverse motion .. spike high .. bar #8 .. tick +727
[15:49] dang .. 1,050 .. seems like such a magnet
[15:49] makes sense for index option expiration
[15:50] ES 1,049 .. can't resist .. count to 8 .. ES_intraday__1016_ww2.gif

[15:51] ES 1,049 .. 5min 5/35 macd at "equilibrium" levels
[15:51] wolfewave setup for reverse (down)
[16:01] hope y'all had fun .. was deliberately taking many more snapshots and comments than usual .. will put into a page about "pattern evolution"
[16:01] 2 days is enough
[16:01] y'all can do the math, now
[16:02] good nite .. peace

 

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